Auction for small liens?

[James W.]

Hi guys,

I am seeing 400K houses scheduled for Auction for 10K Judgement Amount. Plaintiffs are Condo Associations etc.

Whats the outcome of winning this bid? Assuming there's no second mortgage, no big liens, etc, and I am the winning bidder - do I really get this house for 15K? 

I know I dont - but how does it play from here - after I win this bid?

[Rich Baer]

     @James W.

My friend, HOA foreclosures are like Sheriff sales, you buy subject to whatever liens and mortgages are open. If the owner has a $400,000 mortgage you are paying $15,000 plus $400,000. In addition you get his tax liens and judgments, if any.

         Rich Baer, Esq.